If you want to borrow some money make sure that you check out Absa loans since they do all sorts of loans. If you’re looking for a business loan they offer a wide range of options including business revolving loan, working capital, business overdrafts and a term loan. However, we’re going to go through the different loans that Absa offers for individuals.
- Express Loan – Unfortunately just about everyone goes through a stage in their life when they simply don’t have enough money to get by. If you quickly need money then it may seem like it’s impossible to get the money that you badly need but thankfully it’s not. With an Absa express loan you’ll be able to get instant access to the cash that you need and then you can pay it back when you get your next pay-check. Since this is a short term loan you can only borrow from R 1 500 to R 8 000 and you’ll be able to choose to pay it between 1, 3 or 6 months. Once you have a monthly income of R 1 500 or more then you shouldn’t have a problem qualifying for an express loan.
- Personal Loan – These types of loans are quite similar to the loan that we mentioned above, but this time you’ll be able to borrow much more and have more time to pay it off. Usually people use this type of loan to pay for something that was unplanned. You can borrow anything from R 3 000 to R 150 000 and pay it back between 12 months to 84 months. One good thing about this loan is that if you repay it all back early you won’t be charged a fixed penalty.
- Revolving Loan – If you earn over R 8 000 a month then a revolving loan from Absa may be for you. The main reason why people use this type of loan is because you can have access to the funds whenever you want, there’s absolutely no need to reapply each and every time that you need money. You’ll also be charged a fixed rate of interest which is good since you’ll be able to tell exactly how much you’ll be paying back in interest.
- Overdraft – If you earn over R 3 000 a month then you’ll be able to get an overdraft from Absa. This basically means that even if you don’t have any money in your Absa account you’ll still be able to borrow a certain amount of money whenever you want (depending on the pre-agreed limit). Most people that have an overdraft have it just in case they don’t have enough money in their bank account to pay for something such as an electricity bill. Interest is charged daily on overdrafts though so it’s definitely a good idea to pay off the overdraft as quickly as possible.
Looking for a full range of personal loans? Check out more lenders at Gcap Personal Loans, South Africa’s leading online loans comparison website.